Global Sputtering Targets & Evaporation Material Market Insights Forecasts to 2033

• The Global Sputtering Targets & Evaporation Material Market Size was estimated at USD 3.15 Billion in 2023
• The Market Size is Expected to Grow at a CAGR of around 5.60% from 2023 to 2033
• The Worldwide Sputtering Targets & Evaporation Material Market Size is Expected to Reach USD 5.43 Billion by 2033
• Europe is Expected to Grow the fastest during the forecast period.

The Global Sputtering Targets & Evaporation Material Market Size is expected to cross USD 5.43 Billion by 2033, Growing at a CAGR of 5.60% from 2023 to 2033. The implementation of government regulations for the electronics industry will provide profitable opportunities to market players during the forecast period. Furthermore, growing awareness of the improved functionalities of sputtering targets and evaporation materials will drive the market's future expansion.

Market Overview

The global sputtering targets and evaporation material market includes the industry segment involved in the production, distribution, and consumption of specialized materials used in PVD processes. Such products include sputtering targets and evaporation sources, which play a crucial role in developing thin films and coatings on substrates with the aim of modifying or improving their surface properties. Furthermore, innovations in semiconductor manufacturing and nanotechnology are causing significant changes in the sputtering targets and evaporation materials market. The need for inventive sputtering targets and evaporation materials is rising as companies strive for increased accuracy and efficiency in thin-film deposition processes. Sustainable materials and specialized solutions are also seeing a boom in the global sputtering targets and evaporation material market to fulfill the changing requirements of optical and electronic applications. Moreover, in January 2022, Testbourne Ltd, a materials company that supplies high purity materials, single crystals, and wafers, introduced a new line of high purity copper sputtering targets specifically designed for HAMR HDD production. The new targets offer the ultra-high purity and uniform grain structure needed for high storage density HAMR media. Additionally, the growing popularity of sputtering targets-based coatings will drive market value growth. The growth of decorating coatings, as well as their improved functionalities such as wear and corrosion resistance, is expected to drive global sputtering targets and evaporation material market growth.

Report Coverage

This research report categorizes the sputtering targets & evaporation material market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the sputtering targets & evaporation material market. Recent market developments and competitive strategies such as expansion, type launch, development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the sputtering targets & evaporation material market.

Driving Factors

The increasing demand for advanced electronics is a major driver of the sputtering targets and evaporation materials market. With advances in consumer electronics such as smartphones, tablets, and wearables, there is a significant increase in the demand for high-performance materials that improve device reliability and efficiency. The push for miniaturization and increased functionality in electronic devices necessitates high-quality sputtering targets and evaporation materials that can provide superior thin film deposition with desirable properties. Furthermore, technological advancements in material science have a significant impact on the growth of the sputtering targets and evaporation materials market. Innovations in deposition techniques, such as magnetron sputtering, help to create uniform and high-quality films. Continuous research and development efforts are resulting in new material formulations that provide improved performance and efficiency, attracting manufacturers to use advanced sputtering targets and evaporation materials. In addition, the high demand for hard-edged thin coatings for a variety of tools using alloys and ceramic targets is driven by the growth of the electronics industry and the increased production of electronic products such as semiconductors and computer chips. Furthermore, they are used in a variety of applications in semiconductors and electronic devices, driving up market demand.

Restraining Factors

The cost of their technical development, complex manufacturing processes, and targets used in the machine, equipment, or systems is directly proportional to the price of the finished product. This increase will cause an increase in the final product's price. As a result, these constraints may restrict the growth of the sputtering target and evaporation material markets.

Market Segmentation

The sputtering targets & evaporation material market share is classified into material type, sputtering method, and evaporation method.   

• The pure metals segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period.

Based on the material type, the sputtering targets & evaporation material market is divided into pure metals, alloys, compounds, isotope, and others. Among these, the pure metals segment held the greatest share in 2023 and is anticipated to grow at a significant CAGR during the forecast period. This rise can be attributed to its high demand in industries such as semiconductors, electronics, and renewable energy. Pure metals such as aluminum, copper, gold, and silver are valued for their high conductivity, thermal stability, and ability to form uniform thin films, making them suitable for critical applications. They are critical in the production of microchips and integrated circuits in semiconductors, and they are widely used in electronics for interconnects and thin-film layers in devices such as smartphones and tablets.

• The DC sputtering segment accounted for the majority of the share in 2023 and is estimated to grow at the fastest CAGR during the projected timeframe.

Based on the sputtering method, the sputtering targets & evaporation material market is divided into Ion assisted sputtering, reactive sputtering, DC sputtering, and RF sputtering. Among these, the DC sputtering segment accounted for the majority of the share in 2023 and is estimated to grow at the fastest CAGR during the projected timeframe. The growth can be attributed to its high efficiency, low cost, and suitability for depositing conductive materials. It is widely used in industries such as semiconductors, electronics, and solar energy, which require uniform and high-quality thin-film coatings. DC sputtering provides faster deposition rates and simpler, less expensive equipment than other methods, making it ideal for large-scale production.

• The reactive evaporation segment held the largest share in 2023 and is estimated to grow at the fastest CAGR during the predicted timeframe.

Based on the evaporation method, the sputtering targets & evaporation material market is divided into reactive evaporation, electron-beam evaporation, thermal evaporation, vacuum evaporation, and others. Among these, the reactive evaporation segment held the largest share in 2023 and is estimated to grow at the fastest CAGR during the predicted timeframe. The expansion can be ascribed to its capacity to generate superior, finely regulated thin films with customized characteristics, like improved optical transparency, wear resistance, and hardness. This technology is flexible, allowing for the deposition of complicated coatings such as metal oxides and nitrides, making it suitable for use in semiconductors, electronics, optics, and aerospace. The increased need for advanced electronic components and high-performance gadgets, which require accurate and modified thin films, contributes to the segment's supremacy.

Regional Segment Analysis of the Sputtering Targets & Evaporation Material Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Asia-Pacific is anticipated to hold the largest share of the sputtering targets & evaporation material market over the predicted timeframe.

Asia-Pacific is anticipated to hold the largest share of the sputtering targets & evaporation material market over the predicted timeframe. The rise is being driven by the rapid expansion of the electronics and semiconductor industries in China, Japan, and South Korea. The region's strong manufacturing skills, together with significant investments in R&D, enable the production of high-quality sputtering and evaporation material. Furthermore, the increasing adoption of renewable energy technologies in countries such as China and India helps to drive market expansion in the Asia Pacific region.  

Europe is expected to grow at the fastest CAGR growth of the sputtering targets & evaporation material market during the forecast period. This is owing to the region's strong presence in sectors such as semiconductors, electronics, aircraft, automotive, and renewable energy. The growing demand for advanced electronic gadgets, the expansion of the semiconductor industry, and the push for renewable energy alternatives, particularly solar panels, are all driving the demand for high-quality thin films. Furthermore, Europe's dedication to sustainability continued technical advancements, and a thriving automobile industry drives market demand.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the sputtering targets & evaporation material market along with a comparative evaluation primarily based on their type of offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes type development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Kurt J. Lesker Company
• Luvata
• Montgomery Technologies
• Tosoh Corporation
• AJA International
• Materion Corporation
• Vacuum Barrier Corporation
• American Elements
• Stanford Advanced Materials
• Global Tungsten and Powders Corp.
• Mantech
• Samsung Corning Advanced Glass
• Hitachi Metals
• NexGen Materials
• ULVAC
• Others

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the sputtering targets & evaporation material market based on the below-mentioned segments: 

Global Sputtering Targets & Evaporation Material Market, By Material Type

• Pure Metals
• Alloys
• Compounds
• Isotope
• Others

Global Sputtering Targets & Evaporation Material Market, By Sputtering Method

• Ion Assisted Sputtering
• Reactive Sputtering
• DC Sputtering
• RF Sputtering

Global Sputtering Targets & Evaporation Material Market, By Evaporation Method

• Reactive Evaporation
• Electron-beam Evaporation
• Thermal Evaporation
• Vacuum Evaporation
• Others

Global Sputtering Targets & Evaporation Material Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa